Specializing in Elder Law Florida Bar Board Certified
410 South Lincoln Avenue | Clearwater, Florida 33756-5826 Phone: 727.441.4516 | E-mail:
ElderLaw@Charlie-Robinson.com
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Common Mistakes in Florida
Medicaid Asset Protection Planning
Depleting assets by
waiting too long to begin asset protection planning.
Thinking that it is too
late to begin the planning process.
Believing that Medicare
pays for long term nursing home care.
Failing to preserve a
reserve fund to pay for care not provided by Medicaid.
Relying on advice from
someone who is not an expert in the Florida Medicaid program.
Failing to get a
durable power of attorney signed before a person is incompetent.
Neglecting the
possibility that the well spouse may die before the sick spouse.
Skipping the fact that
both spouses may need nursing home care.
Failing to take
advantage of spousal protection regulations.
Transferring assets
without understanding the Florida Department of Children and Families
(DCF) transfer rules and penalties.
Confusing the look back
period and the transfer disqualification period.
Causing an extension of
the transfer disqualification period by applying too soon.
Transferring the home
directly to the children without understanding the homestead protection
laws in Florida.
Ignoring exempt
transfers that do not result in a period of disqualification.
Failing to disclose all
transfers made in the 36 months (increasing 60 months) prior to the Medicaid application.
Confusing the Internal
Revenue Service $12,000 yearly gift tax exclusion with the DCF rules concerning disqualification penalties
caused by the transfer of assets.
Failing to consider the
tax consequences during the planning process.
Thinking that assets in
any type of trust will not be counted in the available asset total.
Lacking knowledge about
how annuities can be used to gain Medicaid qualification quickly.
Missing the use of
exempt assets in the planning process.
Confusing gross income
with net income, the amount actually received after deductions for such
things as income taxes, health insurance premiums, etc.
Applying for Medicaid
for a person whose gross income is greater than Florida's income cap and
who does not have a Qualified Income Trust.
Failing to fund the
Qualified Income Trust each month of Medicaid benefits.
Omitting any asset or
source of income in the Medicaid application.
Failing to keep
accurate records for submission to DCF.
Neglecting to notify
DCF of any changes in assets or income after approval.